WHY ANALYTICS? / WHAT DO I NEED?
There are four types of data that are used to develop Analytic Solutions. The data required depends on the analytic problem definition. Risk management models predominantly use transaction data. Demographic data are more useful at acquisition. For customer management analytics, transaction data typically constitutes about 80% of data used. However, adding attitudinal and lifestyle data generally increases the depth and value of the insights.
There are four types of data that are used to develop Analytic Solutions. The data required depends on the analytic problem definition. Risk management models predominantly use transaction data. Demographic data are more useful at acquisition. For customer management analytics, transaction data typically constitutes about 80% of data used. However, adding attitudinal and lifestyle data generally increases the depth and value of the insights.
Demographic Data
Age, Gender, marital status, household size, income, race, asset ownership, etc.
Usually obtained from relationship data. If not available, can be obtained by overlaying external data sources which can provide demographic data for an individual or aggregated at a zip code.
In the past, LatentView has helped clients derive useful insights with data from third-party vendors such as Dun & Bradstreet, Claritas, Amakai, credit bureau reports, Harte-Hanks, US census data, phone no and zip code lookups, etc.
Transaction Data
Relationship History, purchase behavior, product usage, payment behavior, and other transaction data.
This is the most critical data, from an analytics perspective, and is easies to obtain.
Usually obtained from internal transaction data or from a data warehouse.
Attitudinal Data
Lifestyle data includes information about stage of life, purchasing habits, etc. Attitudinal data includes information about the importance consumers place on your products or services.
Often obtained from surveys conducted on a sample of customers on your website or offline. Some third party data vendors, such as Claritas’ PRIZM NE database, contain attitudinal or lifestyle information that can be used for modeling.
Interaction Data
Interaction data includes customer service requests and resolution information, customer complaints information, and customer feedback obtained from time to time.
Obtained from surveys, and internal transactional systems.
WHY ANALYTICS?
What data do i need?
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